SOLUTION: Maya has deposited $600 in an account that pays 5.64% interest, compounded continuously. How long will it take for her money to double?
****can you please assist me with
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-> SOLUTION: Maya has deposited $600 in an account that pays 5.64% interest, compounded continuously. How long will it take for her money to double?
****can you please assist me with
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Question 59958: Maya has deposited $600 in an account that pays 5.64% interest, compounded continuously. How long will it take for her money to double?
****can you please assist me with this problem, I can't seem to figure it out. Thanks again Answer by venugopalramana(3286) (Show Source):
You can put this solution on YOUR website! Maya has deposited $600 in an account that pays 5.64% interest, compounded continuously. How long will it take for her money to double?
P=600...A=2*600=1200
R=5.64%=5.64/100=0.0564
T=?
A=PE^RT
1200=600E^0.0564T
E^0.0564T = 2........TAKING LOGS
0.0564T = LN(2)
T = LN(2)/0.0564 = 12.3 yrs
